ZimVie Surpasses 2021 Revenue, Reaffirms 2022 Guidance

Shares of ZimVie (NASDAQ:ZIMV) edged higher this morning on full-year 2021 earnings that beat consensus forecasts.

The company’s annual revenue topped $1 billion, beating Wall Street forecasts by more than $20 million.

Zimmer Biomet’s (NYSE:ZBH) new spin-off of its spinal and dental businesses posted fourth-quarter losses of $60.7 million on sales of $261.6 million for the three months ended June 31. December 2021. ZimVie successfully completed its spin-off from Zimmer Biomet last month.

READ: CEO Vafa Jamali has big plans for ZB spinoff ZimVie – but it will take time

The losses were impacted by a brand rationalization charge of $40.3 million in 2021, according to a press release. This charge was related to products the company intends to discontinue, as well as a resumption of expenses in 2021 that had been reduced in 2020 due to the COVID-19 pandemic.

“We are firmly focused on strengthening our foundations in the $20 billion global dental and spine care markets as we move forward from our recent spin-off,” said Vafa Jamali, President and CEO of ZimVie. noted in a press release. “We have a broad portfolio of trusted brands, clinically proven products and the global resources of a large multinational – creating a unique opportunity for execution and growth – and we look forward to improving our 2021 results.”

ZimVie reaffirmed its full-year 2022 guidance, with revenue guidance totaling $1 billion and adjusted earnings per share between $2.10 and $2.30.

Shares of ZIMV rose 1% to $23.06 per share at the open of trading today. MassDevice MedTech 100 Index — which includes shares of the world’s largest medical device companies — was virtually even.

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